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First Quarter 2017 Earnings

April 24, 2014

Zions Bancorporation, the holding company for Zions Bank, reported first quarter net earnings applicable to common shareholders of $129 million, or $0.61 per diluted common share, compared to $125 million, or $0.60 per diluted share for the fourth quarter of 2016.

Pre-provision net revenue was $215 million for the first quarter, up 1% from the fourth quarter of 2016 and up 20% from the first quarter of 2016.

Noninterest expense for the first quarter of 2017 was $414 million, compared to $404 million for the fourth quarter of 2016.

The efficiency ratio was 65.9% for the first quarter of 2017, an improvement of approximately 260 basis points from the first quarter of 2016.

Net loans and leases increased $93 million (0.2%) this quarter to $42.7 billion at March 31, 2017, in what was generally a soft quarter for the industry.

Excluding the reduction in oil and gas-related loans, net loans and leases increased $190 million during the first quarter of 2017.

Compared to the fourth quarter, tangible book value per share improved by approximately 2% to $29.61; compared to the year-ago period, tangible book value per share improved by approximately 5%.

Asset quality for the total portfolio remained strong and was generally stable when compared with the prior quarter.

Total net charge-offs were $46 million, or an annualized 0.43% of average loans, in the first quarter of 2017. (Note: Nearly two-thirds of the total net charge-offs in the quarter were related to an isolated event with one non-oil-and-gas-related borrower, who is subject to a government investigation and seizure of assets.)

The company provided $18 million for loan losses during the first quarter compared to less than $1 million during the fourth quarter of 2016. The increase in the provision was primarily due to the isolated charge-off mentioned above.

The ratio of nonperforming lending-related assets to net loans and leases and other real estate owned (OREO) remained relatively stable at 1.37% at March 31, 2017.

The allowance for credit losses was $604 million at March 31, 2017.

As a percentage of net loans and leases, the allowance was 1.41% at March 31, 2017.

Zions’ allowance to net charge-offs ratio remains among the strongest of the company’s peer U.S. regional banks.

As of March 31, 2017, Zions Bancorporation was carrying $544 million in allowances for loan losses on its balance sheet.

The estimated Basel III common equity Tier 1 capital ratio was 12.2% at March 31, 2017, compared to 12.1% at Dec. 31, 2016. The fully phased-in ratio was not substantially different.

About Zions Bank

Zions Bank, a division of ZB, N.A., operates 123 full-service financial centers throughout Utah and Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 24 years and Idaho’s Boise District for the past 16 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for more than 140 years. Additional information is available at www.zionsbank.com.

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